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来源类型Working Paper
规范类型报告
DOI10.3386/w18616
来源IDWorking Paper 18616
Harvests and Financial Crises in Gold-Standard America
Christopher Hanes; Paul W. Rhode
发表日期2012-12-14
出版年2012
语种英语
摘要Most American financial crises of the postbellum gold-standard era were caused by fluctuations in the cotton harvest due to exogenous factors such as weather. The transmission channel ran through export revenues and financial markets under the pre-1914 monetary regime. A poor cotton harvest depressed export revenues and reduced international demand for American assets, which depressed American stock prices, drained deposits from money-center banks and precipitated a business-cycle downturn - conditions that bred financial crises. The crises caused by cotton harvests could have been prevented by an American central bank, even under gold-standard constraints.
主题Macroeconomics ; Business Cycles ; Money and Interest Rates ; History ; Macroeconomic History
URLhttps://www.nber.org/papers/w18616
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/576291
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GB/T 7714
Christopher Hanes,Paul W. Rhode. Harvests and Financial Crises in Gold-Standard America. 2012.
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